Capital Gains Tax

[market1]

Ok, I'm not swearing by saying Capital Gains Tax!  Help!!!!!  Does anyone know of any software I can use to calculate Capital Gains Tax?  I've looked on the Government Website and it looks really confusing and I'm dreading it.

 

This is just for share trading.

 

Many thanks.

[Caseynotes]

Hi @market1,  have you tried googling "capital gains tax for shares calculator". This one in the link below allows you to select just 'shares' from a dropdown box.

https://goodcalculators.com/capital-gains-tax-calculator/

 

[market1]

Hi Caseynotes,

 

Thanks for your link, but it does not appear to take in account day trading  The problem I have is that I've been buying and selling shares and, I'm trying to understand the bed and breakfast rule.  What I'm after is a calculator where you can either download or type in all your transactions and it 'churns away' and provides the answers (within the HMRC guidelines).  

I've had a go at googling but have had no joy  

 

Thank you again though, I really appreciate your response.

 

[Caseynotes]

@market1 , Another I noted from the list was the Which tax calculator site, it did mention specifically the bed and ISA scheme, I didn't look any deeper but it might be worth a look. Besides if we keep toing and froing on the forum some other bright spark might take notice and pitch in ? 

https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-shares-ambbh8b4kuxt

[market1]

Thank you - I'll have a look.  

I've  just facebooked the HRMC - and they can't help at the moment!.  Will keep on pestering them until they provide clear guidelines or, even better, an excel spreadsheet I can utilise.  How on earth the tax people expect me to work out the Capital Gains if their own website is not clear.  

 

Thank you again though.

[Caseynotes]

1 minute ago, market1 said:

How on earth the tax people expect me to work out the Capital Gains if their own website is not clear.  

Ha, they don't. I remember my dad filling out a self assessment tax form that was 2 sides of a single sheet of A4. I remember in the 80's accountants were having to go on special courses to figure out how to fill in the new 'self' assessment form. That's how the professionals keep a monopoly of services going. 

[market1]

I'll tell you what - if someone can work out the formula and can sell an app, they'd make a fortune lol! (with HMRC approval).  Wished I was brainy enough   

I'm going to be a pain (I'm good at that!) and will keep on facebooking HMRC until they give up with me .  

Mind you - Hint, Hint to IG , they could provide a software package to IG members and then would get more clients (shame they don't provide this calculator, as I'd be so happy simply).

[NadelinaIG]

Hi @market1, we are currently working on creating tax statements for sharedealing accounts, which will be tested in the coming months.

 In the meantime, we can provide you with full ledger summary statements, including all dividends, profit/loss etc. We usually send those as .pdf files, however, if you wish to receive a .xlsm excel file you can calculate the overall figure, by marking all applicable numbers and looking at the "Sum" figure at the bottom right hand side of the page.

[market1]

Hi Nadelina, 

Thank you for your input, it is much appreciated.  I did ask IG, via email, if they had a spreadsheet that calculated Capital Gains Tax  (CGT)for my share dealing throughout the year.  They informed me that they do not.  Fingers crossed that this response was incorrect.

With regards to the excel spreadsheet that you can provide, do you mean the Sum figure is actually the chargeable gain for CGT?  The problems I am encountering are the HMRC rules themselves  e.g  Bed and Breakfast rules - it's a total nightmare and actually puts me and my husband off trading.

 

 

 

[Mil-Fit]

Will IG look at partnering with portfolio software services, like sharesight ,simply wall st, etc etc etc. All trades are automatically linked across and tax reporting down and ease of portfolio management done.